Download now: Cannabis Cash

Oil Futures Continue to Rise

Europe Planning to Ban Oil Imports from Iran

Written by Cori O'Donnell
Posted November 29, 2011 at 8:24PM

Oil futures have rose to above $100 per barrel on Tuesday for the second day in a row.

The Wall Street Journal (WSJ) reports that “Light, sweet crude for January delivery hit $100.06 a barrel, up $1.85, or 1.9%, on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded $1.85 cents higher at $110.85 a barrel. Oil futures in the U.S. were up for a third consecutive day.”

Oil prices are said to have risen as European Union officials prepare to meet Thursday to discuss an EU-wide ban on imports of Iranian oil. Investors need to be ready for a shortage in supply.

"The on-again, off-again resolutions to the debt situation in the U.S. and Europe, in relation to oil prices, are dizzying," energy consultant and trader The Schork Group said in a report. "For the time being in the oil market, fundamentally driven headlines matter less and faux promises from American and European technocrats matter more."

Last year, Iran exported 2.2 million barrels of oil a day, according to the U.S. Energy Information Administration. Iran is the world’s third-largest oil exporter, and Europe in its entirety was the second-largest recipient of the oil, reports WSJ.

"If we see more issues in Iran, we're going to be playing well above $100 at that point," said Carl Larry, head of Oil Outlooks and Opinions, an energy newsletter. "There is a lot of fracturing going on over there, and it's going to raise tensions."

The fluctuating oil prices have raised many concerns. Commodity investors worry that Europe’s debt crisis will stifle global growth or possibly push other large economies into a recession, both situations would hurt the raw materials market.

That's all for now,


Related Articles

US Future Oil Supply
Energy and Capital editor Keith Kohl offers readers two ways to invest in the future of U.S. oil security.
Crude Oil Futures Rise
Greece and Italy have decided to take more action towards solving their financial woes, and have sought help from economists to chip away at their massive debt.
Oil Futures Rise Again
Oil futures rise as U.S. announces new sanctions against Iran. Prices expected to remain high through the winter months.


Is it Safe for You to Buy Coal Stocks Yet?
Shedding Light on the Death of the Coal Industry
Investing in the Future of Solar
How to Profit Like an Investment Banker
Without the ITC, is Solar Still a Good Investment?
Will THIS Kill the Solar Industry?
The Secret Behind the Gatwick Gusher
Is the UK Running Out of Options?
Buffett Has a $4.5 Billion Stake in This Refiner
Refiners Are Safe Havens During the Low-Price Period
An OPEC Civil War Erupts
Strange Things Afoot in the House of Saud
Energy Utilities NEED the Internet of Things
Stay connected to stay on target!
The Lithium Revolution Just Got Hotter
Utility-Scale Lithium Batteries Taking Off
Metal Oil Investing 101
Meet the Oil of the 21st Century
Tesla's (NASDAQ: TSLA) Final Deathblow
The Ultimate Tesla Play